this is a step in the right direction team, market reaction positive
MORE MASSIVE NICKEL–COPPER INTERSECTIONS AT F-ZONE & BERTRAM Pilbara nickel explorer and producer, Fox Resources Limited (ASX: FXR) today announced that drilling has intersected more massive nickel and copper sulphides at two of the Company’s projects; F-Zone at Radio Hill and the Bertram Nickel Project (Figure 1). F-ZONE The F-Zone (Figure 2) is of particular interest to the Company because it is easily accessible from existing mine development and close to the existing Radio Hill mill. Additionally, blending F-Zone with the Radio Hill C & D ore zones will increase feed grade to the mills with a corresponding increase in metal production. Preliminary analysis of the massive sulphides using a Niton portable XRF analyser (see disclaimer) has resulted in drill hole 08RHRC097 intersecting 15m at an estimated average grade of 2.03% nickel and 1.89% copper from 125m down hole depth including 3m @ 7.7% nickel and 2.61% copper from 132m down hole depth (Figure 3). Further encouraging estimated drill results testing the down plunge potential at F-Zone were as follows: • 6m @ 1.80% nickel and 3.29% copper from 120m down hole depth, 08RHRC095, Including 2m @ 4.34% nickel and 5.81% copper from 121m down hole • 7m @ 0.55% nickel and 3.20% copper from 117m down hole depth, 08RHRC094, • 6m @ 0.49% nickel and 1.51% copper from 127m down hole depth, 08RHRC096, • 1m @ 0.19% nickel and 2.07% copper from 129m down hole depth, 08RHRC093 Mining of the last development level (975RL) early in the year intersected unexpected massive nickel and copper sulphides up to 4 metres thick. Assays of massive sulphide samples taken from the development returned excellent indicative results averaging 4.71% nickel and 9.06% copper. Previous drilling had indicated that the F-Zone mineralisation terminated at the 975RL. Reverse circulation (RC) drill hole 08RHRC097 was drilled at an estimated 50m down dip from the 975RL development drive with results confirming that high grade nickel and copper sulphide mineralisation extends further down dip. Geologists will remodel the high grade F-zone nickel mineralisation to allow mine engineers to develop a mining schedule and mine plan. Success to date has encouraged testing of additional drill targets around existing mine development at Radio Hill.
BERTRAM NICKEL PROJECT The Bertram Nickel Project is located 12km south of the Company’s Radio Hill nickel mine. On 18 April 2008, Fox announced that RC drill hole 08BERC003 had intersected shallow, fresh massive nickel and copper sulphides at the Bertram Prospect. Preliminary analysis of the massive nickel sulphides by the Company’s Radio Hill laboratory (see disclaimer) has resulted in the best intersection of 2m @ 1.1% nickel and 0.3% copper from 56m down hole depth including 1m @ 1.77% nickel and 0.47% copper 57m down hole depth. A second hole 08BERC004 (Figure 4) was drilled down dip of 08BERC003 and intersected massive and stringer nickel sulphide mineralisation returning 2m @ 1.18% nickel and 0.35% copper from 57m down hole depth including 1m @ 1.54% nickel and 0.45% copper. The Bertram holes will be probed with down hole electromagnetics to further define the conductor plate. New drill sites are being established to drill the remaining four conductor plates (refer previous announcement 18 April 2008) at a more perpendicular angle. The drill rig is currently scheduled to complete drilling at F-Zone and then move to the Sholl B2 Nickel and Copper deposit while geophysics is completed at Bertram and Radio Hill. The rig will then move between Radio Hill and Bertram with a second drill rig expected in May 2008 to continue targeting the southern extension of Sholl B2
FXR Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
